DISCUSSION CIMA animation highlights the importance of ethics in business

The Chartered Institute of Management Accountants (CIMA) has produced an animation tool to remind members and students about their obligations to comply with the institute’s code of ethics and protect their professional standing.

The animation, as well as a comprehensive online library of CIMA resources including articles, blogs, webcasts and thought leadership, is available at www.cimaglobal.com/ethics CIMA is committed to upholding the highest ethical and professional standards and maintaining public confidence in management accounting. The CIMA Code of Ethics is based on the International Federation of Accountants (IFAC) Handbook of the Code of Ethics for Professional Accountants, of the International Ethics Standards Board of Accountants (IESBA).

Tanya Barman, CIMA’s Head of Ethics, said: “CIMA requires all members to follow a strict code of ethics to ensure that the work they do on behalf of organisations and the public is of the utmost integrity.”

“Since our first ethics survey back in 2008, the emphasis on business ethics and sustainability has certainly intensified. Recent global events have reinforced this, and business leaders now know they have to consider corporate values, not only in relation to brand and the public’s perception, but also to support long-term success. The last few years have highlighted the cost of acting unethically, with a spate of business failures, high public mistrust and increasing public protest, such as the Occupy movement, against financial misdemeanors across all sectors.”

“However since our survey, and despite an increase in organisations adopting ethical codes and training, current research suggests there is greater pressure within companies to act unethically. There is certainly a ‘rhetoric v reality’ gap as the majority of organisations have a code of ethics, but few are actively monitoring and evaluating ethical performance.”

“This animation highlights that it is vital to act quickly when facing an ethical dilemma. The longer you leave it, the more chance there is for repercussions for the organisation, yourself, and indeed the standing of the profession. CIMA’s resources can help students and members to identify and deal with situations where professional integrity may not exist.”